Oracle has reportedly been selected as TikTok’s “trusted tech partner”.
ByteDance, the owner of TikTok, has reportedly selected Oracle (NYSE: ORCL) as its “trusted tech partner” to manage TikTok’s U.S. cloud operations. This differs from an outright sale of the company’s U.S. assets and it infers that Oracle will help run TikTok’s U.S. operations with its own cloud infrastructure. News of the deal came shortly after Microsoft disclosed that it was no longer acquiring TikTok after its bid was rejected by ByteDance. Click here to read more
Gilead Sciences Inc (NASDAQ: GILD) is set to buy biopharmaceutical company, Immunomedics Inc (NASDAQ: IMMU) for $21 billion. The move will help Gilead to strengthen its cancer portfolio, as it will gain access to Immunomedics breast cancer treatment drug, Trodelvy, which was granted an accelerated FDA approval in April. The transaction is expected to close in the fourth quarter of 2020. Click here to read more
Nvidia Corp (NASDAQ: NVDA), the biggest U.S chip company by market capitalisation, disclosed that it will buy chip designer Arm from SoftBank Group Corp. for $40 billion. This sale puts a vital chip supplier to Apple Inc and others across the industry under the control of a single player, Nvidia. Nvidia will pay SoftBank $21.5 billion in shares and $12 billion in cash, and SoftBank will take a stake between 6.7% and 8.1% in Nvidia. Click here to read more
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Here are the biggest movers in pre-market trading
1. Saudi Aramco regains top spot from Apple as tech rally fades. Click here to read more
2. AstraZeneca shares gain as Covid-19 vaccine trials resume. Click here to read more
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